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Q&A Forum

How do I file a 1099-MISC late in New York?

Billy Bob
Title: CEO
Company: BillyBobBob's LLC
(CEO at BillyBobBob's LLC)
Hi! I started business late last 2018 and I missed the Jan 31st 1099-misc deadline. I have 2 contractors (1 an S-Corp and 1 a Sole-proprietor) that I need to report payments on. How ...
16 Views | 0 Answers/Comments

Rules regarding issuing a 1099 to a contractor in India, Phillipines, or Canada

Robyn Pinto
Title: Controller
Company: Sylvan
(Controller at Sylvan)
We are in the process of onboarding subcontractors that are located in India, Philippines, and Canada. All work will be completed in their resident country and we will transfer the mone...
301 Views | 0 Answers/Comments

Relation between subsidiary and parent company regarding to taxes for the purposes of USA taxes reporting and withholding

ana bana
Title: compliance manager
Company: LLC
(compliance manager at LLC)
When filling out of W-8BEN-E there should be the beneficial owner and disregarded entity (if applicable) identified. Parent company is investing in real estates and is holding 94 %(voti...
536 Views | 0 Answers/Comments

1099s for SAAS?

(Strategic program manager)
the 1099 instructions do not specifically address software. however, we purchase software from a vendor who is an LLC. should we send a 1099-misc for this?
772 Views | 0 Answers/Comments

Confused with bonus depreciation, and recapture amount if sold the following year

David Matyas
Title: Manager
Company: SpecOp
(Manager at SpecOp)
I am a bit confused in regards to recapturing when using the bonus depreciation: If someone purchases a $60k SUV (greater than 6K pounds) and use it 100% for work. Then in 2018, they ca...
1988 Views | 0 Answers/Comments

990 Former Directors

Kathleen Reardon
Title: Controller
Company: South Shore YMCA
(Controller at South Shore YMCA)
we have always reported former Directors from prior years on our 990 even though they are not paid. am I correct in determining they do NOT need to be reported as that have not been pai...
2529 Views | 0 Answers/Comments

Sales Tax Exemption for Services in Florida

Zack Siegel
Title: Owner
Company: Bullish Advertising
(Owner at Bullish Advertising)
I am sending out invoices to clients for marketing services. For this alone, it is sales tax exempt in Florida, but if it contains the sale of a product it does not. If we are deliverin...
1354 Views | 0 Answers/Comments

My company is a 501(c)3 and are exempt for local property tax. Are we also exempt from leasing equipment property tax?

Debbie Longoria
Title: Accounts Payable Coordinator
Company: Blue River Services, Inc.
(Accounts Payable Coordinator at Blue River Services, Inc.)
We are leasing a postage meter and are now receiving a property tax invoice.
1283 Views | 0 Answers/Comments

Section 179 deduction

Hello, I am unclear on how to handle tax accounting and journal entries under the following scenario. The company ordered a business computer from a retailer in December 2017 and rec...
1353 Views | 0 Answers/Comments

report primary home sale as ordinary income, not capital gain - possible?

is it possible not to have to calculate basis for a primary residence sale? acct thinks that all such sales must, without exception, calculate basis and report any non-excluded capit...
985 Views | 0 Answers/Comments

How is an exercise equipment package taxed for employees as well as the company?

(Director, Payroll)
There will be a contest where there is a prize of exercise equipment and package for membership etc. The total value is $3500 per package and 6 will be given away. How is something like...
3664 Views | 2 Answers/Comments

Should I be charging sales tax?

Hello, I have a cleaning company, I work for several real estate agents as a sub-contractor, they send a 1099 for the amount of money that they've paid me throughout the year. I have...
3479 Views | 2 Answers/Comments

How is Wyoming for registering an LLC?

Sohaib Khan
Title: Business Solutions Consultant | ERP, CRM..
Company: Independent
(Business Solutions Consultant | ERP, CRM.. at Independent)
I'm planning on registering an LLC in Wyoming. I don't live in the US neither I have ever visited. I'm actually a Pakistani and live in Karachi. I came across some consultants they offe...
2751 Views | 0 Answers/Comments

S-Corp election

Hello, I filed for late election relief under rev. Proc 2013-30. Stating that client intended for the LLC to be an S-Corp and is compliant with all taxes. However, IRS approved it for ...
3339 Views | 0 Answers/Comments

Can I defer taxes this way?

(Director of Finance and Accounting)
Hello everyone, I was just recently hired at a real estate development company to clean up their accounting. They have had a bad history with the accounting and finance department an...
4722 Views | 1 Answers/Comments

Form 2210 & Subchapter S Income

Luca Pacioli Jr.
Title: Owner
Company: Manufacturing
(Owner at Manufacturing)
My S corporation is a manufacturer. I am the only stock holder. Yearly sales $500k. My salary $70k per year (all taxes are withheld). A bonus paid at the end of the year $63K (al...
4138 Views | 3 Answers/Comments

Basics on VAT

Srikanth lakshminarayanan

I would like to have basic knowledge on VAT which is going to be implemented in UAE.

3639 Views | 2 Answers/Comments

Extinguishment of Employee Debt

(VP Finance)
A number of years ago, the company accepted a promissory note from an employee for purpose of acquiring 25,000 shares of its stock at $2 per share. The stock would be paid for with empl...
2613 Views | 0 Answers/Comments

Tax for employee options

We give employee stock options. Naturally at a given time, some of the options are vested, some are not. If company is sold for cash, how do we make sure: (1) vested portion (which we ...
5628 Views | 0 Answers/Comments

are vendor's rebates subject to tax ?

I buy merchandise from a reseller company for full price but i sell it at discounted price because they offer me a rebate from the discounted merchandise. I'm i supposed to pay tax on t...
5415 Views | 1 Answers/Comments

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